LyondellBasell(LYB) - 2025 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2025 was $177 million, compared to a net loss of $603 million in Q4 2024 and a net income of $473 million in Q1 2024[2] - Diluted earnings per share for Q1 2025 were $0.54, up from a loss of $1.87 in the previous quarter and down from $1.44 in the same quarter last year[2] - EBITDA for Q1 2025 was $655 million, compared to a negative EBITDA of $399 million in Q4 2024 and $1,046 million in Q1 2024[2] - Net income excluding identified items for Q1 2025 was $110 million, down from $255 million in Q4 2024[27] - The provision for income taxes related to identified items was $12 million in Q1 2025, compared to a benefit of $266 million in Q4 2024[27] Shareholder Returns - The company returned $543 million to shareholders through dividends and share repurchases during the quarter[4] - Dividends paid for common stock in Q1 2025 amounted to $433 million, with an additional $110 million spent on share repurchases[32] Operational Highlights - U.S. polypropylene volumes increased by 12% compared to the prior quarter, with operating rates rising by 20 percentage points to 85% of nameplate capacity[7] - Cash used by operating activities in Q1 2025 was $579 million, with $483 million invested in capital expenditures[9] - The company held $1.9 billion in cash and cash equivalents at the end of Q1 2025, maintaining $6.5 billion in available liquidity[9] - Total liquidity as of March 31, 2025, was $6.52 billion, comprising $1.87 billion in cash and cash equivalents and $3.75 billion available under the Senior Revolving Credit Facility[31] Strategic Actions - LyondellBasell announced a $500 million Cash Improvement Plan aimed at strengthening financial results amid ongoing macroeconomic volatility[10] - The closure of the Dutch PO joint venture and ceasing refinery operations were part of the strategic actions taken to optimize the portfolio[4] - The company ceased operations at its Houston refinery, reporting the results as discontinued operations[29] - The company reported exit costs of $117 million related to the shutdown of the Dutch PO joint venture in Q1 2025[29] Asset Management - Asset write-downs in Q4 2024 totaled $1,065 million, including a non-cash impairment charge of $837 million for European assets[28]